Dow tops 18,000 as market reaches new highs

AP News
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Posted: Dec 23, 2014 11:49 AM
Dow tops 18,000 as market reaches new highs

More encouraging news on the U.S. economy helped send the Dow Jones industrial average above 18,000 for the first time.

The government reported early Tuesday that the economy grew at a rapid annual rate of 5 percent in the third quarter of the year, the fastest pace in more than a decade.

Indexes are at record highs and the market is on track for its fifth gain in a row. Indications that the Federal Reserve isn't planning interest rate hikes soon have reassured investors.

The Dow Jones industrial average rose 82 points, or 0.5 percent, to 18,043 as of 11:45 a.m. Eastern time.

The Standard & Poor's 500 rose five points, or 0.3 percent, to 2,083.

The Nasdaq composite fell four points, or 0.1 percent, to 4,777.